Updatingtechnology and revamping administration are crucial for the existence anddevelopment of Vietnamese businesses amidst the fourth industrial revolution,experts said at a workshop in Ho Chi Minh City on April 12.

However, this rule would notbe applied to all enterprises in those sectors, he said, explaining that thosewhich know how to grasp opportunities, update technologies and create suitableproducts will grow rapidly.

On the contrary, businesseswhich lag behind in terms of technologies may have to downsize or even withdrawfrom the market, he said.

He said only 1 percent ofVietnamese businesses are using state-of-the-art technologies while most ofthem are struggling with out-of-date machines.

Given this, Vietnameseenterprises have no choice but adapt to the global trend in order to develop,experts said.

Nguyen Lam Vien, GeneralDirector of Vinamit JSC, said apart from digital technology, and data andphysical techniques, attention should be paid to biological technology, which,he said, plays a very important role in agriculture and food processing.

Trinh Thanh Nhon, GeneralDirector of ICC, a cosmetics manufacturer, said that Vietnam’s small-andmedium-sized enterprises will face more challenges on the path towards theindustrial revolution.

Highlighting the efficiencyof new technology in production, Nhon said after revamping productiontechnology, ICC needs only 50 workers compared with 150 in the past, withoutput up three-fold.

Delegates at the workshopalso said that new administration technology can help leaders superviseproduction and handle problems easily.

They suggested employingmore labourers with high skills, encouraging foreign firms to participate inthe local supply chain and promoting innovation.